President Biden said Friday he feels disappointed after the Supreme Court struck down his student debt forgiveness plan and blames Republicans for forcing the issue all the way to the high court.
Speaking from the White House, he outlined steps his administration is taking to help ease the burden of millions of borrowers. First, the president said he’s directing the Department of Education to use the Higher Education Act of 1965.
“Now, that will allow [Education] Secretary [Miguel] Cardona, who is with me today, to compromise, waive or release loans under certain circumstances. This new path is legally sound. It’s gonna take longer. And in my view, it’s the best path that remains to student debt relief to as many borrowers as possible as quickly as possible.” President Biden said.
Second, while it does take a long time to put in place, he’s implementing a 12 month repayment program.
“That’s why we’re creating a temporary 12 month, what we’re calling on-ramp repayment program. But if you cannot, if you miss payments this on-ramp temporarily removes the threat of default or having your credit harmed, which can hurt borrowers for years to come.” President Biden explained.
Click play to listen to the report from AURN White House Correspondent Ebony McMorris. For more news, follow @E_N_McMorris & @aurnonline.
